Market Weekend Update - SHORT TERM By: Tony Caldaro | November 25, 2017
After completing Minute waves i and ii in June/July, Minute waves iii and iv in November, Minute wave v has been underway since the SPX 2557 low. Thus far we can count three waves up from that low: 2590-2578-2604. These waves may be of Pico or Nano degree. But the analysis above suggests they could be of Micro degree as well. Let’s see what the market looks like technically, when it reaches the OEW 2632 pivot range.
Short term support is at the 2594 and 2575 pivots, with resistance at the 2632 and 2646 pivots. Short term momentum is displaying a negative divergence, but no pullback in price as of yet. Best to your trading in the coming week!
FOREIGN MARKETS
Asian markets were mostly higher on the week for a net 0.9% gain.
European markets were all higher on the week and gained 0.9% as well.
The DJ World index gained 1.3%, and the NYSE gained 1.0%.
COMMODITIES
Bonds are trying to establish an uptrend and ended flat on the week.
Crude remains in an uptrend and gained 4.0%.
Gold remains in a downtrend and lost 0.7%.
The USD is now in a downtrend and lost 0.5% on the week.
NEXT WEEK
Monday: new home sales at 10am. Tuesday: Case-Shiller, and FED chair nomination hearing for FED governor Powell. Wednesday: Q3 GDP (est. 3.0%), pending home sales, the Beige book, and economic outlook testimony from FED chair Yellen . Thursday: weekly jobless claims, personal income/spending, and the Chicago PMI. Friday: ISM , construction spending, and auto sales.
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must! • DiscoverGold
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